The Tom Bell Memorial Foundation is a not for profit business that operates solely in remembrance of Tom Bell. You might be asking: What’s a Not-For Profit? Investopedia.com defines a Not For Profit as “a type of organization that does not earn profits for its owners. All of the money earned by or donated to a not for profit organization is used in pursuing the organization’s objectives. Typically not for profit organizations are charities or other types of public service organizations. Generally, not for profit organizations can apply for a tax exempt status so that the organization is not subject to most forms of taxation. Donations made to a tax exempt not for profit organization may also be tax-deductible for the donor”
You might also be wondering: If your organization is a Not For Profit then why do you have sponsors? By the definition of a Not For Profit business status we at the Tom Bell Memorial Foundation do not earn money to return to owners. In fact we do not even have owners. All of the money we receive via “sponsorships” goes directly to funding the tournament for the enjoyment of our invited teams. The money we receive also goes to fund scholarships for local students. You can find out more information about our scholarship here and can get an application here. You can also find more information on becoming a sponsor here.